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Possible Bullish Inside Day Candle Pattern Detected for Fortinet Inc (NASDAQ:FTNT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Fortinet Inc (NASDAQ:FTNT) based on the price action in the company's shares. Yesterday's price range of $77.80 and $78.53 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Fortinet Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $77.91, Fortinet Inc is currently 23.2% above its average consensus analyst price target of $59.86. The stock should run into initial resistance at its 200-day moving average (MA) of $80.58 and subsequent resistance at its 50-day MA of $86.29.

Fortinet Inc share prices have moved between a 52-week high of $96.96 and a 52-week low of $58.10 and closed yesterday at 34% above that low price at $77.91 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.3%.

Fortinet Inc. provides network security solutions. The Company offers network security appliances, related software, and subscription services. Fortinet systems integrate the industry's broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), web filtering, antispam, and traffic shaping.

SmarTrend is tracking the current trend status for Fortinet Inc and will alert subscribers who have FTNT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Fortinet Inc

Ticker(s): FTNT